Morgan Joseph Maintains Bullish Stance On Hasbro (HAS) Due to Transformers 2 Success and Upcoming G.I. Joe Release
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Analysts at Morgan Joseph made positive comments on Hasbro Inc. (NYSE: HAS) today due to the huge box office success of Transformers 2: Revenge of the Fallen and its upcoming movie slate. The firm is reiterating their Buy rating and $27 price target.
The firm notes the movie was jam-backed with robots, which they said appears ideal for selling toys. In fact, T2 featured 3x more characters and, accordingly, Hasbro is planning to ship 50% more product (variety) into the channel. Morgan Joseph said because product didn't hit the retail shelves until May 30th, 2Q upside is unlikely. The firm actually reduced 2Q EPS estimates by $0.08 to reflect the joint venture announced on May 22nd, but they are maintaining FY 2009 EPS estimates of $1.85.
The firm said although 2010 looks like a challenging and entertainment-light year, 2011 is shaping up to be strong. The firm notes the JV could turn accretive, and its video game royalties from Electronic Arts (Nasdaq: ERTS) could continue expanding. Also Hasbro's Stretch Armstrong, as part of its 4-picture deal with Universal Pictures, is scheduled for release on April 15th, 2011, along with the licensed rights to Thor, and Spider-Man 4. They also said, Transformers 3 could also be released in 2011 or 2012.
G.I. Joe, which comes on August 7th, 2009, is on deck for Hasbro, and the firm thinks this could be the next big theatrical hit for Hasbro .
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